The Real Estate Market In The Eugene & Springfield Area Declined
Good Monday Morning!
As I predicted, the Real Estate market in the Eugene and Springfield area declined in September 2024 in most categories: new listings, listing sales, pending listing sales, and average home value. The only categories to increase were the number of homes for sale and the time it takes for a home to sell. One of the key indications of a slowing housing market is higher inventory at the same time that the number of new homes hitting the marker declines. We have felt this market coming for several months, and now that we have experienced a declining market for more than a month, it indicates that the current housing market situation is now a trend. How deep the slower market goes and for how long depends upon the overall national and local economy, mortgage interest rates, and inflation. I would also say that it is not necessarily a poor time to purchase a home. The increase in the inventory of homes for sale means a better selection of homes to choose from, lower home prices, and far less competition. Mortgage rates remain better than a year ago and certainly may drop in 2025, indicating that a home purchase now could certainly be refinanced. There are also some great mortgage programs available that would allow you to purchase a home with an interest rate that is lower than the market level. This very well could be the best opportunity to purchase a home that we will see for some time. The following report will show you what the September 2024 Real Estate market looked like in Lane County.
New Listings
New listings (424) decreased 3.4% from the 439 listed in September 2023, and decreased 12.6% from the 485 listed in August 2024.
Pending Sales
Pending sales (341) decreased 1.7% from the 347 offers accepted in September 2023, and decreased 7.6% from the 369 offers accepted in August 2024.
Closed Sales
Closed sales (297) decreased 6.3% from the 317 closings in September 2023, and decreased 18.0% from the 362 closings in August 2024
Inventory and Time on Market
Inventory increased to 3.2 months in September. Total market time increased to 48 days.
Year-to-Date Summary
Comparing the first nine months of 2024 to the same period in 2023, new listings (4,014) increased 4.2%, pending sales (3,012) increased 2.3%, and closed sales (2,802) increased 1.3%.
Average and Median Sale Prices
Comparing 2024 to 2023 through September, the average sale price has increased 0.2% from $473,700 to $474,600. In the same comparison, the median sale price has increased 0.3% from $437,900 to $439,000.
Have An Awesome Week!
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
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